|
Forecast
Period
|
2024-2028
|
|
Market
Size (2022)
|
USD
93 billion
|
|
CAGR
(2023-2028)
|
10.7%
|
|
Fastest
Growing Segment
|
Electric
Propulsion
|
|
Largest
Market
|
Asia-Pacific
|
Market Overview
Global Passenger Cars Shared Mobility Market
has valued at USD 93 billion in 2022 and is anticipated to project robust
growth in the forecast period with a CAGR of 10.7% through 2028. The passenger
car shared mobility market represents a dynamic and evolving sector within the
broader transportation landscape. This market is characterized by the concept
of sharing vehicles, where individuals can access cars on a short-term basis,
typically through smartphone applications, without the burdens of ownership. It
has gained significant traction in urban areas worldwide, driven by factors
such as urbanization, sustainability concerns, technological advancements, and
changing consumer preferences. Shared mobility services offer users a
cost-effective and convenient alternative to owning a private car, particularly
in densely populated urban centers. They align with the growing emphasis on
sustainability and environmental responsibility, with many operators
incorporating electric vehicles into their fleets to reduce emissions and
contribute to cleaner air in cities.
Key Market Drivers
Urbanization
and Population Density
One of
the primary drivers of the passenger car shared mobility market is the global
trend toward urbanization and the resulting increase in population density in
cities. As more people move to urban areas, cities face significant challenges
related to traffic congestion, limited parking space, and air pollution. These
challenges have led individuals to seek alternative transportation solutions
that are more efficient and sustainable. Shared mobility services, including
ridesharing and car-sharing, have gained popularity in densely populated urban
centers as they offer convenient alternatives to private car ownership. With
high population density, the demand for transportation options that reduce the
number of vehicles on the road and minimize parking challenges has driven the
growth of passenger car shared mobility.
Furthermore,
shared mobility services align with the desire of urban residents to reduce the
costs and inconveniences associated with owning a private car in densely
populated areas. As cities continue to grow and evolve, the appeal of shared
mobility services is expected to increase, making them an integral part of
urban transportation ecosystems.
Technological
Advancements and Connectivity
Advancements
in technology and connectivity have played a pivotal role in driving the growth
of the passenger car shared mobility market. The widespread availability of
smartphones and the development of user-friendly mobile applications have made
it easier than ever for individuals to access and use shared mobility services.
Mobile apps allow users to locate, reserve, and unlock shared vehicles with
just a few taps on their smartphones. Real-time vehicle tracking, digital
payment options, and integrated navigation systems enhance the user experience,
making shared mobility services more attractive and convenient. Furthermore,
the integration of telematics and Internet of Things (IoT) technologies in
shared vehicles enables operators to monitor and manage their fleets
efficiently. These technologies provide valuable data on vehicle usage,
maintenance needs, and user behavior, allowing operators to optimize their
operations and provide better service.
Environmental
Awareness and Sustainability
Growing
environmental awareness and concerns about climate change have become
significant drivers of the passenger car shared mobility market. As individuals
and communities seek to reduce their carbon footprints, there is a growing
demand for transportation solutions that are more sustainable and
eco-friendlier. Shared mobility services, particularly those that incorporate
electric and hybrid vehicles into their fleets, align with sustainability
goals. Electric vehicles (EVs) are known for their lower emissions and reduced
environmental impact compared to traditional internal combustion engine (ICE)
vehicles. By offering electric or hybrid vehicles as part of their shared
fleets, operators contribute to cleaner air and a reduction in greenhouse gas
emissions. Moreover, shared mobility services promote the efficient use of
vehicles, reducing the overall number of cars on the road and the associated
pollution and congestion. This has a positive impact on urban air quality and
can contribute to achieving environmental targets set by cities and
governments.
Cost
Savings and Affordability
Economic
considerations play a significant role in driving the passenger car shared
mobility market. The cost of owning and maintaining a private car, including
expenses related to fuel, insurance, parking, and maintenance, can be
substantial. Shared mobility services provide an attractive alternative for
individuals looking to reduce their transportation costs. Shared mobility users
can access vehicles on a pay-as-you-go basis, eliminating the need for large
upfront costs associated with car ownership. This pay-per-use model is
particularly appealing to budget-conscious individuals who may not require a
private vehicle for daily use but still need transportation options.
Furthermore, shared mobility services often offer competitive pricing compared
to traditional taxi services or ridesharing platforms. The availability of
various vehicle options, including economy cars and larger vehicles for group
travel, allows users to choose the most cost-effective option for their
specific needs.
Changing
Mobility Preferences and Behavior
Changing
mobility preferences and behavior patterns among consumers have had a
significant impact on the growth of the passenger car shared mobility market.
Many urban residents and millennials are reevaluating their transportation
choices and shifting away from traditional car ownership models. The desire for
more flexible and convenient transportation options, coupled with the
recognition that private cars often remain parked and underutilized, has led
individuals to explore shared mobility alternatives. Shared mobility services
offer the flexibility to use a car only when needed, without the
responsibilities and costs associated with ownership. Moreover, the rise of the
sharing economy and the acceptance of the concept of "access over
ownership" have influenced people's attitudes toward transportation.
Shared mobility aligns with the trend of valuing access to goods and services
over the permanent ownership of assets.